Be a Consolidation Hero!

Transcript

In our previous application we had to spend a lot of time with the consolidation of our budgeting and planning, so once we finished the forecast, the end user would put all of their data then our corporate team would be in charge of consolidating and generating reports from that Prior to implementing CCH Tagetik that was a very manual process, we had to identify the intercompany transactions and manually post entries to eliminate them.

With the existing solution, the hardest thing really was getting consistent data.

Using Excel spreadsheets we had a sort of monthly data, but then really being able to analyse the data at a group level was really difficult.

It was very old and didn't meet business requirements any longer and it drastically needed replacing.

It wasn't really a true consolidation tool, all it kind of did was load in Excel spreadsheets into the database and aggregate the numbers together.

It didn't do equity accounting or intercompany matching, eliminations and things like that, so that was a very manual task, we had one person whose full time job was running the intercompany matching.

All the reporting was on Excel and getting data out of our previous consolidation system was rather hard.

So we had to do a lot of manual work, a lot of manual adding up.

Upon implementing CCH Tagetik we now have an automated consolidation process that has streamlined the time to complete it dramatically.

The consistency of data, being able to match intercompanies a week early.

The whole process now is much smoother.

We've got now one highly capable consolidation accountant who runs the process, independently.

It means that now we can focus more on the numbers, drill down, understand the numbers and from that we have introduced new KPI's.

The ability to report at various different levels, from the lowest subsidiary up to sub consolidation levels and then our top of the house consolidation.

I have seen the consolidation work very well and that there are a lot of capabilities of the program and that CCH Tagetik is very committed to the success of your organization.

I couldn't recommend it more highly, because it is so diverse and can help you in so many ways you couldn't even dream of.

It really was the consolidation package that really is they key thing, giving good consolidation, good ease of how the consolidation fits together both from a management accounting and a statutory accounting purpose.

I certainly would recommend Tagetik to somebody else, it is an excellent product, in my opinion it's more superior than SAP and Hyperion.

I think if someone was considering CCH Tagetik, especially if their main thing was consolidation, then I would say, that you really do need to look at CCH Tagetik, because consolidation is its strength.